Core Viewpoint - The cement and building materials sector in Hong Kong is experiencing a rally, with significant price increases for major companies, driven by expectations of a recovery in domestic demand and improved fundamentals in the industry [1]. Group 1: Market Performance - Dongwu Cement saw a nearly 6% increase, reaching a new historical high price [1] - China National Building Material rose by 4% [1] - Anhui Conch Cement and Western Cement both increased by over 2% [1] - China Resources Cement Technology gained over 1% [1] Group 2: Economic Context - The Central Economic Work Conference held on December 10-11 emphasized the importance of domestic demand and the construction of a strong domestic market, alongside actions to boost consumption [1] - Despite a general decline in demand, the construction market remains weak, with regional disparities in infrastructure demand driven by policy [1] - The residential market shows relatively inelastic demand [1] Group 3: Industry Outlook - The cement industry is expected to see a continued decline in production capacity due to policies limiting overproduction, which will significantly enhance capacity utilization and profit elasticity [1] - The overall performance of leading building material companies has lagged, but fundamentals are stabilizing amid the downturn in the real estate sector [1] - A dual recovery in fundamentals and valuations is anticipated for 2026, as major companies reduce their reliance on the real estate sector and prices for multiple categories begin to recover [1]
港股异动丨水泥建材股普涨 东吴水泥创历史新高 华润建材科技涨超1%